Rx tax deductions
Executive Summary
Restoration of federal tax deductions for out-of-pocket pharmaceutical expenses is among the top legislative priorities for the National Community Pharmacists Association in the 107th Congress. A Jan. 19 letter from NCPA to drug manufacturers asks them to support introduction of a "Consumer Medicine Tax Relief Act," which would provide "first-dollar deductibility of prescription drugs, OTC drugs, and pharmacist professional services under the federal tax code." NCPA is pushing the tax measure because it believes "a vigorous debate on tax reform" is likely to come before debate on Medicare reform